other family member possessions

December 18th, 2009 by Questions

What happens to a house and contents when I file for bankruptcy and the house is in my wife`s name. Are my childrens possessions (ages 20 and21 and living at home or in university) taken?
What about my wife`s dishes, paintings or jewellery?

Posted from: Nova Scotia

Questions

One Response to “other family member possessions”



December 19, 2009 at 10:40 am, A licensed trustee said:

As long as the house has been in your wife’s name a very long time (always is best) and your name hasn’t been on title for a very long time (never is best) the house should not be affected. Similarly, your children’s possessions should not be affected (unless you gave them to them…).

The declaration of your possessions and their worth is one of your responsibilities if you decide to file for bankruptcy. If a creditor questions your declaration it will be up to you (or the person that owns the item) to prove it is not yours.

In the over 18,000 files we’ve handled in our firm, I can’t think of a single case were the children’s assets were questioned…

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